Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the semiconductor industry in China, particularly the progress in semiconductor localization and the impact of domestic demand subsidies amid limited tariff effects [1][2]. Core Insights 1. **Price Competition in Foundries**: Ongoing price competition in mature node foundries is noted, with some inventory digestion and China's subsidies for consumer electronics purchases contributing to this dynamic [2][3]. 2. **IC Design Sector Performance**: China's integrated circuit (IC) design sector is expected to reach CNY646 billion (approximately US$90 billion) in 2024, reflecting a ~12% year-over-year increase, but this growth lags behind the global semiconductor industry growth estimated at 19% [2][3]. 3. **Company Closures**: Over 14,600 Chinese semiconductor companies closed in 2024, primarily in consumer electronics, semiconductor component distribution, and analog sectors, indicating a normalization in the growth of China's chip design industry [2][3]. 4. **Price Reductions by Chinese Foundries**: Prices for 12-inch wafers from Chinese foundries have decreased by up to 40% compared to Taiwanese companies, with 20-30% discounts on 8-inch wafers. This pricing pressure has been ongoing since mid-2024 [2][3]. 5. **US Trade Investigation**: The Biden Administration has initiated a trade investigation into older Chinese-made "legacy" semiconductors, which may lead to increased tariffs. However, the direct impact on Chinese mature node chip companies is expected to be limited due to low export volumes to the US [2][3]. 6. **Stock Implications**: Caution is advised regarding mature node foundries like UMC and Vanguard due to competition from China, while a positive outlook is maintained for Chinese wafer fabrication equipment (WFE) companies like NAURA and AMEC due to aggressive capital expenditure plans [2][3]. Additional Insights 1. **Semi Equipment Imports**: China's semiconductor equipment imports were valued at US$29 billion from January to November 2024, marking a 20% year-over-year increase, although growth is decelerating [6][7]. 2. **High Bandwidth Memory (HBM) Development**: China is still behind in HBM technology, with local vendors only able to produce 4-8 layer HBM, while CXMT targets volume production in the second half of 2025 [7][8]. 3. **Self-Sufficiency Projections**: China's semiconductor self-sufficiency ratio is projected to reach 25% by 2026, up from 20% in 2023, driven by weak consumer demand and limited breakthroughs in advanced logic chips [28][29]. 4. **Market Dynamics**: The semiconductor market is experiencing a divergence in stock performance, with notable outperformance from companies like Espressif and GigaDevice, attributed to demand from AI applications [10][11]. Conclusion The conference call highlights the challenges and opportunities within China's semiconductor industry, emphasizing the impact of domestic policies, competitive pricing, and the ongoing transition towards greater self-sufficiency in semiconductor production. The insights provided are crucial for understanding the current landscape and future trends in the industry.

Industry and Company Overview * **Industry**: Energy sector, focusing on natural gas, oil, and related infrastructure and services. * **Key Companies**: Antero Resources (AR), ARC Resources Ltd (ARX CN), Baker Hughes (BKR), ConocoPhillips (COP), Cenovus Energy (CVE CN), Chevron (CVX), Expand Energy (EXE), TechnipFMC (FTI), Pembina Pipeline Corp (PPL CN), Shell (SHEL), Scorpio Tankers (STNG), Tenaris S.A. (TEN), ExxonMobil (XOM), YPF S.A. (YPF) Key Themes and Insights 1. **US Natural Gas Demand Growth**: * **Demand Pull**: Improved permitting and infrastructure development expected to drive additional gas-fired generation and pipeline construction. * **LNG Exports**: Expectation for lifting of the "LNG Pause" benefiting infrastructure and natural gas producers. * **Storage Situation**: Tightening storage situation into the winter of 2025-26 due to rising production and demand. * **Appalachia**: Significant growth potential in natural gas power demand, driven by pipeline expansions and data center demand. 2. **Global Oil Macro**: * **Non-OPEC Supply Growth**: Expected to match global oil demand growth in 2025. * **Iran Sanctions**: Potential impact on global oil supply and prices. * **China Demand**: Significant contribution to global oil demand growth. 3. **US Oil Future Role**: * **Shale Maturity**: Oil sentiment negative, but oversupply thesis unlikely to dissipate. * **US Supply**: Wide dispersion in US oil supply, driving uncertainty. 4. **LNG Outlook**: * **Oversupply Thesis**: Pushed to the right due to project delays and higher-than-expected demand. * **North American LNG**: Expected to grow significantly, driven by operating, under-construction, and proposed projects. 5. **Global Refining S&D**: * **Capacity Closures**: Indicate marginally tighter supply and demand in the second half of 2025. * **Refining Margins**: Expected to remain under pressure due to excess cash balances and concerns over demand growth. 6. **Energy M&A**: * **E&P Consolidation**: Significant room for further M&A in the E&P sector. * **Midstream Services**: Likely to follow L48 E&P consolidation. 7. **Midstream**: * **Strong Demand Fundamentals**: Underpin volume growth across key North American basins. * **Valuations**: Expected to re-rate higher due to central bank policy easing and solid growth outlook. 8. **Shipping**: * **Iran Sanctions**: Potential for stricter enforcement under the Trump administration. * **Tanker Utilization**: Expected to increase, driving up spot rates for VLCCs and tankers. 9. **International Capex**: * **Onshore Capex**: Expected to remain flat in 2025. * **Offshore Capex**: Expected to increase in 2025, but decelerating trend is clear. Stock Picks * **Buy**: AR, ARX CN, BKR, COP, CVE CN, CVX, EXE, FTI, PPL CN, SHEL, STNG, TEN, XOM, YPF * **Hold**: APA, BRY, CNQ CN, CHRD, CIVI, DVN, ENB CN, EOG, HES, KEY CN, MUR, NOG, PPL, RRC, SUBC NO, TRP CN, TEN, YPF Conclusion The energy sector is expected to see significant growth in natural gas demand, driven by US LNG exports and global demand. Oil demand is expected to remain strong, but supply concerns and geopolitical factors could impact prices. Midstream and services companies are expected to benefit from strong demand fundamentals and improving valuations.

J P M O R G A N Global Markets Strategy 02 January 2025 China/Hong Kong Monthly Wrap Dec 2024: the fourth year is the charm In 2024, China and HK equity indices reversed course after a three-year correction. MXCN/HSI/HSCEI/HSTECH rose by +2.7%/+3.4%/+5.1%/+2.8% in USD during December, for USD price returns of +16%/+18%/+27%/+19% during 2024. MXCN's large-cap high yielders were well bid as the 10Y CGB yield dipped to a record low of 1.68% (Figure 4Southbnd iflowsnt HKlised hgyilers & Figure 5MXCN andMXHK: Cy ...

Summary of the Conference Call on China Steel and Iron Ore Industry Industry Overview - The conference call focused on the **China Steel and Iron Ore** industry, providing insights into consumption trends, inventory levels, and production rates. Key Points Steel Consumption Trends - Apparent consumption of **rebar** continued to decline, while consumption of **flat products** remained relatively high [1] - Downstream consumption for rebar fell further by **10% week-over-week (WoW)**, attributed to holidays and the upcoming **Chinese New Year** [2] Inventory Levels - **Steel inventory** at traders increased by **75,000 tons (kt)**, or **1.0% WoW**, while inventory for long products rose by **2.9% WoW**. Conversely, inventory for flat products decreased by **0.4% WoW** [2] - **Steel inventory** at mills was reported at **3,491 kt**, down **0.3% WoW** [2] - **Iron ore inventory** at small and medium-sized mills increased by **9.9 kt**, or **4.7%**, from the previous week [3] - Inventory at ports decreased by **0.6% WoW**, totaling **142.9 million tons (mt)** [3] Production Rates - The **utilization rate** of 247 mills dropped by **0.58 percentage points (ppts) WoW**, reaching **85.6%** [4] - Average daily output for **long products** decreased by **3.5% WoW**, totaling **2.89 million tons (mnt)**, while output for **flat products** dropped by **0.6% WoW**, totaling **5.41 mnt** [4] - The **iron ore operating rate** at 126 sample mines was **60.9%**, down **3.2 ppts** compared to two weeks prior, with an average daily output of **383.9 kt**, down **5.0%** [3] Market Dynamics - The **steel demand** outlook remains cautious, with the industry facing challenges due to seasonal factors and inventory adjustments [6] - The **CISA (China Iron and Steel Association)** reported that member mills' production was **1.98 million tons per day** for mid-December, down **2.3%** from the preceding 10 days but up **2.5% year-over-year (YoY)** [4] Additional Insights - The **EAF (Electric Arc Furnace)** capacity utilization rate decreased by **0.34 ppts WoW**, reaching **52.45%** as of December 27 [4] - The overall sentiment in the industry remains **attractive**, indicating potential for recovery in the medium to long term [6] Conclusion - The China Steel and Iron Ore industry is currently experiencing a decline in rebar consumption and mixed inventory trends, with production rates also showing a downward trajectory. Seasonal factors and market dynamics are influencing these trends, but the long-term outlook remains cautiously optimistic.

Industry and Company Overview * **Industry**: Offshore oilfield services (OFS) * **Company**: COSL (China Oilfield Services Limited) * **Analyst**: UBS * **Date**: 2 January 2025 Key Points Industry Trends 1. **Offshore OFS Utilization and Day Rates**: The offshore OFS industry has been experiencing an upcycle since 2021, driven by rising oil prices and increased capex by global oil companies. Rig utilisation rates have been high, with average day rates for jack-ups, semi-subs, and drill ships increasing annually since 2022. * [2] 2. **Global Offshore Rig Utilization**: The average utilisation rate for offshore rigs in 2024 was 79%, with jack-up utilisation experiencing a temporary decline in Q324 due to service suspensions in the Middle East, followed by a recovery in Q424. * [2] 3. **Offshore Rig Day Rates**: Day rates for offshore rigs have remained on an upward trajectory in 2024, with rates for jack-ups, semi-subs, and drill ships increasing by 12%, 8%, and 16% respectively from the end of 2023. * [2] 4. **Global Offshore OFS Demand**: Global offshore OFS demand is expected to remain solid, with day rates for jack-ups, semi-subs, and drill ships projected to increase by 6%, 9%, and 9% respectively from 2026 to 2028. * [3] 5. **Regional Variations**: The Mediterranean, Southeast Asia, and Australia have seen the fastest growth in average day rates for jack-ups in 2024. Norway has maintained high day rates for semi-subs, with the average leading edge day rate increasing by 23% YoY. * [4] 6. **Rig Suspensions in the Middle East**: Some rigs in the Middle East were suspended from service in 2024 due to service suspensions. However, new contracts have been secured for a quarter of the suspended rigs, and demand is expected to recover in 2026. * [4] 7. **Supply Gap**: UBS expects a supply gap to emerge in 2030, requiring an investment of US$250-400bn/year to fill the gap, accounting for the natural decline at mature fields and the need for new projects. * [19] COSL Analysis 1. **COSL Drilling Business**: UBS has updated its analysis of COSL's drilling business and adjusted its 2024/2025/2026 earnings estimates. The company's drilling segment is expected to experience high growth in 2025, driven by new contracts for suspended rigs and higher day rates for some of its semi-subs. * [5] 2. **COSL Earnings Estimates**: UBS has adjusted its DCF-based price target for COSL from HK$10.80 to HK$10.60, implying a 10x 2025E PE. The company's 2025 net profit growth forecast is 40%. * [5] 3. **COSL Valuation**: COSL's 2025E PE of 6.6x is below the global OFS peer average of 11.9x, and its 2025E P/BV of 0.6x is below the global OFS peer average of 1.6x. * [5] 4. **COSL Rig Contracts**: UBS has provided a detailed breakdown of COSL's rigs subject to contract changes in 2025, including new contracts for suspended rigs and higher day rates for some of its semi-subs. * [40] 5. **COSL Financials**: UBS has provided a financial overview of COSL, including revenue, EBITDA, net profit, capex, EPS, DPS, ROE, and gearing ratio. * [42] Risks 1. **Oil Prices**: COSL's share price tends to track oil prices, which could impact sentiment on the stock. 2. **Deep-water Drilling**: The market may have higher earnings expectations for COSL from deep-water drilling offshore China, which faces higher risks than shallow-water drilling. 3. **Exchange Rates**: If the US dollar appreciates against the renminbi, there could be upside risk to COSL's earnings. 4. **Large Portion of Revenue from CNOOC**: While this represents reliable revenue, there is a risk that COSL may not raise rates in line with overseas peers. * [48]

Summary of Conference Call on China Property Market Industry Overview - The conference call focused on the **China Property** industry, specifically the performance of major developers in December 2024 and expectations for early 2025 [2][5]. Key Points and Arguments 1. **Sales Performance in December 2024**: - Major developers' contracted sales were down **10% year-on-year (y-y)** but up **11% month-on-month (m-m)** in December [2][3]. - The top 50 developers saw a **2% y-y increase** in sales, while the top 100 developers remained flat at **0% y-y** [3]. 2. **Yearly Sales Declines**: - Full-year sales declines for the top 50 and top 100 developers were **-26%** and **-27% y-y**, respectively [3]. 3. **State-Owned Enterprises (SOEs) Performance**: - SOEs outperformed with positive y-y growth, with notable performances from COLI (+76%), Jinmao (+66%), CR Land (+52%), and Yuexiu (+48%) [4]. - In contrast, private developers like Agile, Sunac, CIFI, and Country Garden experienced declines exceeding **50% y-y** [4]. 4. **Factors for SOE Outperformance**: - The outperformance of SOEs is attributed to better brand recognition, more new saleable resources in top-tier cities, and lower risks of stalled construction [4]. 5. **Sales Expectations for 1Q25**: - Sales are expected to remain decent in **1Q25**, with potential for positive y-y growth in February due to a low base and the earlier Chinese New Year [5]. - However, visibility on stabilizing housing sales in 2025 is low, particularly for primary sales due to significantly reduced land sales [5]. 6. **Policy Response**: - The housing policy response is expected to remain reactive, with any incremental stimulus likely muted until March [5]. - Faster and more coordinated policy actions are deemed necessary to support homebuyer confidence and sustain recovery [5]. Additional Important Insights - The divergence in sales performance highlights the challenges faced by private developers compared to their state-owned counterparts, indicating a potential shift in market dynamics [4]. - The data suggests a cautious outlook for the property market, emphasizing the need for supportive policies to enhance buyer confidence and stabilize sales [5]. This summary encapsulates the key insights from the conference call regarding the current state and future expectations of the China Property market, particularly focusing on the performance of major developers and the implications of government policies.

Summary of the Conference Call on China Property Market Industry Overview - The conference call focused on the **China Property** market, specifically the secondary home prices and market dynamics in major cities during December 2024. Key Points and Arguments Secondary Home Prices - December secondary home prices in major cities experienced a **month-on-month (m-m) decline of 1.1%** and a **year-on-year (y-y) decline of 9.8%**. This follows a two-month upward trend, indicating diminishing policy impact [2][5]. - **80% of the tracked cities** reported a m-m decrease in transaction prices, compared to **38% in November** and **42% in October** [2]. Listings and Market Activity - New secondary listings increased by **3% m-m** and **30% y-y** in December, with **55% of cities** showing m-m increases [3]. - Total listings rose by **0.6% m-m** on average, with **64% of cities** experiencing an increase in listings [3]. Visitations and Consumer Sentiment - Visits to agent shops decreased by **7% m-m** in December but were still up **35% y-y**, with **89% of cities** recording y-y increases [4]. - The decline in visitations, alongside lower listing and transaction prices, suggests weakening resident sentiment, which may exert downward pressure on home sales in 1Q25 [5]. Policy Impact and Market Outlook - The sustainability of the home sales recovery is contingent on the effective implementation of announced policies, such as inventory buyback and urban village redevelopment, supported by adequate funding from the central government [5]. - The call maintained an **In-Line industry view**, suggesting that a persistent sales pickup is crucial for sector outperformance [6]. Stock Recommendations - Suggested stocks for selective accumulation include: - **CR Land (1109.HK)** and **CR Mixc (1209.HK)** as dual beneficiaries of housing and consumption. - Defensive state-owned enterprise (SOE) developers like **Greentown (3900.HK)**, **COLI (0688.HK)**, and **Yuexiu (0123.HK)**, which may outperform due to potentially stronger sales [6]. Additional Important Insights - The analysis indicates that the current market conditions, including increased listings and reduced visitations, may lead to a challenging environment for home sales in the upcoming quarter [5]. - The report emphasizes the need for a concerted policy response to bolster consumer confidence and stabilize the market [5]. This summary encapsulates the critical insights from the conference call regarding the current state and outlook of the China Property market, highlighting both challenges and potential investment opportunities.

Industry and Company Overview **Industry**: China Consumer Staples, specifically focusing on the snack industry. **Key Themes**: 1. **Channel Shift**: The industry is witnessing a shift towards online and discount channels, with traditional offline channels losing market share. 2. **Pricing Pressure**: Both channels and consumers are adopting value-for-money strategies, leading to pricing cuts. 3. **Traditional Distributors Under Pressure**: Traditional offline distributors are facing challenges, with sales and profit growth slowing down. Company Analysis **Yankershop Food (002847.SZ)**: * **Rating**: Buy * **Key Points**: * Well-positioned to capture growth in snack discounters and major SKUs. * Strong online growth and partnerships with top-tier discounters. * Healthy investment cycle and potential positive catalysts from stronger CNY sales and ongoing discounter openings. * Valuation appears attractive compared to peers. **Three Squirrels (300783.SZ)**: * **Rating**: Neutral * **Key Points**: * Focus on new initiatives aligning with the value-for-money industry trend. * Sales CAGR expected to reach 29% over 2024-26E. * Building up in-house and margin-accretive offline business. * Valuation appears fair at the current price levels. **Chacha Food Co. (002557.SZ)**: * **Rating**: Sell * **Key Points**: * Core business (sunflower seeds) facing sales decline. * Nuts business facing increased competition and margin dilution risks. * Structural margin dilution if nuts continue to lead the company's growth. **Want Want China (0151.HK)**: * **Rating**: Sell * **Key Points**: * Product mix skewed to less healthy flavored milk. * Relatively conservative approach to marketing and distribution leading to market share losses and earnings deterioration. * Overseas market demand outlook relatively strong, but visibility of sales contribution of new product launches and channel expansion remains low. Additional Observations * **Online Exposure**: Snack companies' online exposure is still low compared to other consumer sectors, but has been on a rising trend. * **Discounters**: Fast store openings and consolidation in the discount channel. * **Consumer Trends**: Consumers are increasingly pursuing new products and new tastes, with taste and value-for-money being the most important factors for Gen Z consumers. * **Distributors**: Traditional offline distributors are under pressure, with sales per distributor declining in 1H24. Conclusion The snack industry in China is undergoing significant changes, with a shift towards online and discount channels, pricing pressure, and challenges for traditional distributors. Companies like Yankershop and Three Squirrels are well-positioned to benefit from these trends, while companies like Chacha Food and Want Want face challenges and risks.

Industry and Company Overview **Industry**: China Semiconductors **Coverage**: Semicap, Analog, Foundry, Computing **Timeframe**: 2024 Review and 2025 Outlook Key Points 1. 2024 Review * **Top Picks**: NAURA, AMEC, Hygon, SMIC, Silergy * **Outperformers**: NAURA (63% growth), AMEC (30% growth), Hygon (106% growth), SMIC (68%/80% growth), Silergy (Market-Perform upgraded in December) * **Misjudged**: Cambricon & Hua Hong rating changes * **Lessons Learned**: Consider both fundamentals and sentiment when making rating changes 2. 2025 Outlook * **Semicap**: * Geopolitical tension to boost domestic substitution * Demand strong, entity list impact priced in * Top picks: AMEC, NAURA, Piotech * **Analog**: * Silergy as a quality long-term investment target * Growth driven by China Auto * Short-term pressure due to weak China demand * **Foundry**: * Upcycle and share gain to boost confidence * Profitability pressure remains * SMIC preferred over Hua Hong * **Computing**: * Export control creates market for local chip vendors * China shifting to inferencing and smaller models * Hygon preferred over Cambricon 3. China WFE Industry * **Demand**: Expected to decline -19% YoY in 2025 due to strong pull forward in 2024 * **Domestic Share**: Expected to reach 28% in 2026 * **Self-sufficiency**: Expected to reach 36% by 2026 * **Local fabs**: Pushing for supply chain resiliency through co-development with local WFE suppliers 4. Key Companies * **NAURA**: * Largest domestic WFE platform * Positive top line projection of YoY +30% in 2025 * GPM expected to improve with higher share from WFE and better mix with advanced node equipment * **AMEC**: * Leader in dry etch, expanding into deposition * Key advanced foundry/memory progress to be major driver of 2025 onwards * Overall localization trend in advanced logic/memory inevitable * **Piotech**: * Rising star in CVD & hybrid bonding * Significant top line upside in 2025/26 * Shipped products up +160% YoY in 3Q24 * **Silergy**: * China's largest analog chip supplier * Leader in Power Analog segment * Expected to grow 26%+ CAGR for next few years * **SMIC**: * Aggressive investments on capacity expansion * Potential on Advanced Node Logic * EPS expected to rebound in 2025 * **Hua Hong**: * Matured node foundry * Potential re-rating as China's matured node foundry enters demand upcycle * ASP expected to increase in next few quarters 5. Risks * Global overcapacity in matured logic * ASP pressure on matured node foundries * Weak demand in certain segments * Technological challenges Conclusion The China semiconductor industry is expected to continue growing in 2025, driven by domestic substitution, technological advancements, and increased demand for computing and analog chips. However, there are also risks to consider, such as global overcapacity and technological challenges.

Key Points **Industry Overview** 1. **Market Dynamics**: The real estate market is experiencing a recovery phase, with sales volume and prices showing positive trends. [doc id='51'] 2. **Sales Growth**: Weekly primary and secondary market sales have shown significant year-over-year growth, with primary market sales increasing by 13.0% YoY and secondary market sales increasing by 55% YoY. [doc id='51'] 3. **Price Trends**: Property prices in Tier 1 cities have shown stable growth, with the Centaline six-city secondary asking price tracking index remaining relatively flat. [doc id='53'] 4. **Developers' Sales**: Developers' monthly sales have shown mixed trends, with some companies reporting strong growth while others experienced declines. [doc id='35'] **Market Segmentation** 1. **Tier 1 Cities**: Sales in Tier 1 cities have shown strong growth, with primary market sales increasing by 16.9% YoY and secondary market sales increasing by 36% YoY. [doc id='51'] 2. **Tier 2 Cities**: Sales in Tier 2 cities have also shown significant growth, with primary market sales increasing by 13.4% YoY and secondary market sales increasing by 66% YoY. [doc id='51'] 3. **Tier 3 Cities**: Sales in Tier 3 cities have shown moderate growth, with primary market sales increasing by 7.1% YoY and secondary market sales increasing by 20% YoY. [doc id='51'] **Company-Specific Information** 1. **C&D International**: The company reported attributable sales of 124 million HKD in November 2024, with a YoY decline of 16% and a MoM decline of 33%. [doc id='46'] 2. **China SCE**: The company reported attributable sales of 10 million HKD in November 2024, with a YoY decline of 9% and a MoM decline of 9%. [doc id='46'] 3. **CIFI**: The company reported attributable sales of 31 million HKD in November 2024, with a YoY decline of 41% and a MoM decline of 21%. [doc id='46'] 4. **CMSK**: The company reported attributable sales of 189 million RMB in November 2024, with a YoY decline of 9% and a MoM decline of 3%. [doc id='46'] 5. **COLI**: The company reported attributable sales of 270 million HKD in November 2024, with a YoY increase of 31% and a MoM increase of 287 million HKD. [doc id='46'] 6. **Country Garden**: The company reported attributable sales of 44 million HKD in November 2024, with a YoY decline of 51% and a MoM decline of 30%. [doc id='46'] 7. **CR Land**: The company reported attributable sales of 229 million HKD in November 2024, with a YoY increase of 7% and a MoM increase of 286 million HKD. [doc id='46'] 8. **Gemdale**: The company reported attributable sales of 63 million RMB in November 2024, with a YoY decline of 53% and a MoM decline of 14%. [doc id='46'] 9. **Greentown**: The company reported attributable sales of 149 million HKD in November 2024, with a YoY decline of 10% and a MoM decline of 24%. [doc id='46'] 10. **Jinmao**: The company reported attributable sales of 83 million HKD in November 2024, with a YoY decline of 31% and a MoM decline of 132 million HKD. [doc id='46'] 11. **KWG**: The company reported attributable sales of 9 million HKD in November 2024, with a YoY decline of 48% and a MoM decline of 24 million HKD. [doc id='46'] 12. **Logan**: The company reported attributable sales of 8 million HKD in November 2024, with a YoY decline of 7% and a MoM decline of 23 million HKD. [doc id='46'] 13. **Longfor**: The company reported attributable sales of 93 million HKD in November 2024, with a YoY decline of 19% and a MoM decline of 162 million HKD. [doc id='46'] 14. **Midea RE**: The company reported attributable sales of 37 million HKD in November 2024, with a YoY decline of 21% and a MoM decline of 38 million HKD. [doc id='46'] 15. **Poly**: The company reported attributable sales of 308 million HKD in November 2024, with a YoY decline of 23% and a MoM decline of 400 million HKD. [doc id='46'] 16. **Powerlong**: The company reported attributable sales of 12 million HKD in November 2024, with a YoY decline of 13% and a MoM decline of 26 million HKD. [doc id='46'] 17. **Ronshine**: The company reported attributable sales of 7 million HKD in November 2024, with a YoY increase of 1% and a MoM increase of 20 million HKD. [doc id='46'] 18. **Seazen**: The company reported attributable sales of 37 million HKD in November 2024, with a YoY decline of 50% and a MoM decline of 71 million HKD. [doc id='46'] 19. **Shimao**: The company reported attributable sales of 31 million HKD in November 2024, with a YoY increase of 12% and a MoM increase of 40 million HKD. [doc id='46'] 20. **Sino-Ocean**: The company reported attributable sales of 48 million HKD in November 2024, with a YoY increase of 37% and a MoM increase of 31 million HKD. [doc id='46'] 21. **Sunac**: The company reported attributable sales of 45 million HKD in November 2024, with a YoY decline of 54% and a MoM decline of 79 million HKD. [doc id='46'] 22. **Vanke**: The company reported attributable sales of 223 million HKD in November 2024, with a YoY decline of 34% and a MoM decline of 343 million HKD. [doc id='46'] 23. **Yuzhou**: The company reported attributable sales of 7 million HKD in November 2024, with a YoY decline of 58% and a MoM decline of 17 million HKD. [doc id='46'] 24. **Zhenro**: The company reported attributable sales of 6 million HKD in November 2024, with a YoY decline of 24% and a MoM decline of 14 million HKD. [doc id='46'] 25. **Zhongliang**: The company reported attributable sales of 16 million HKD in November 2024, with a YoY decline of 33% and a MoM decline of 32 million HKD. [doc id='46'] 26. **Zhongnan**: The company reported attributable sales of 16 million RMB in November 2024, with a YoY decline of 50% and a MoM decline of 38 million RMB. [doc id='46'] **Conclusion** The real estate market is currently in a recovery phase, with sales volume and prices showing positive trends. However, the market remains volatile, with mixed trends observed across different cities and companies. Developers' sales have shown mixed results, with some companies experiencing strong growth while others have faced challenges.